Real estate agents must always be prospecting for new leads and then turning them into sales in order to stay in business. Capturing leads is just one part of the process. Once you get the lead, you must act upon it so you don’t lose the prospect to another agent. The most efficient way of converting leads is to use a client management system to organize your buyer leads and seller leads. Following up on leads as soon as you get them is also important. People want to work with agents who deliver good customer service and get them results. You must constantly be marketing yourself and your brand so that people remember you when they are ready to buy or sell.

Jennifer Baughn © by / // /\

Finding Real Estate Leads
Real estate prospects can come from multiple sources including the following:

  • Referrals from current and past clients
  • Website
  • Internet and social media websites
  • Newspaper and magazines ads, flyers and brochures
  • Open houses
  • Signage
  • Other brokers
  • Mailers
  • Business cards
  • Networking
  • Social farming

Successful real estate agents have their own website and are always marketing themselves and their client’s properties talking about real estate wherever they go, blogging and keeping up on market trends. They pass out their cards at business and social events. Agents advertise their name and company brand in the community, sponsoring events, ads in newspaper and other print media and on the Internet. Letting people know you are a Realtor, providing valuable information and constantly reminding them you are there when they need to buy or sell will help you capture more leads and convert them to sales.

Realtors also establish business relationships with vendors and other people they do business with constantly referring business back and forth to each other. This may include mortgage brokers, home inspectors, contractors, movers and other people in the real estate industry. They forge alliances and friendships with other real estate agents inside and outside of their area. Since most real estate agents specialize in one or two areas, when they have clients that want to buy or sell in areas that they do not work, they refer the business to another agent. Referral fees generated from other Realtors are a great source of increasing revenues and generating sales.

Many times Realtors from the same company who work different neighborhoods will team up to list a home. For example, if Realtor A works an area where Realtor B does not, and Realtor B has a client who wants to sell their home located in Realtor A’s area, Realtor B may ask Realtor A to either co-list the house or may simply refer Realtor A to the seller and ask Realtor A for a referral fee when the house sells. This way, the lead is not lost, the client gets an experienced local Realtor to sell their home and each Realtor also makes money.

How to Convert Real Estate Leads?
In order to capture leads, you need to respond within 24 hours or less. Otherwise, the lead may contact another agent. People tend to work with the agents that respond the quickest to their inquiries. Good customer service is essential to capturing new clients, keeping your existing clients happy and growing your business with repeat sales and referrals. People will want to work with you if they know they can count on you to respond to them.

When you contact a lead, screen them to find out their motivation and time table. If they need to buy or sell now or within the next month or two, then you know they are a hot lead. Warm leads are clients who are interested in entering into a real estate transaction within the next six months. Leads that have no specific motivation or time table are cold leads. Hot and warm leads should be pursued first because those will most likely turn into sales quicker. However, it is a good idea to keep in touch with cold leads, sending them information on an ongoing basis because eventually they may turn into a hot or warm lead.

When working with buyers, be sure to find out all the buyer’s criteria including price, number of bedrooms and baths, amenities and upgrades they want and home style preferences. When working with sellers, ask why they want to sell and if they need help purchasing a new home. Even if they are moving out of the area, you should offer to find them a Realtor. This way, you can also collect a referral fee and grow your business by just sitting back and waiting for a check to arrive after they buy. By screening your leads carefully, you will save time and money.

Real estate is a numbers game. The more leads you capture, the more sales and income you will generate. Your business will grow and your hard work and efforts will pay off. You should never stop prospecting and turning leads into sales, or you may find yourself looking for another line of work.

The key thing to remember is to maintain an honest approach to your work, and this extends to your approach to gathering and converting leads. Professionalism and a genuine transparency is everything.

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What Makes A Good Real Estate Agent?

by Thyson and Anna Rosen

Finding a good real estate agent who you trust and who is knowledgeable about a particular neighborhood or area is important when buying or selling real estate. A local real estate agent is familiar with the properties in that agent’s area. Choosing a company that has name recognition in the area is also important. There are usually a couple dominate brokerage agencies in most areas.

The difference between an average and above average agent is the above average agent makes a point of seeing all the new listings in the area and also makes relationships with for sale by owners. The agent will preview properties for buyers and also keep track of properties that are in competition with their own client’s listings. Being able to discuss and compare the different homes on the market and their features in order to overcome buyer’s objections and help sellers price their homes is what makes a great agent.

Real Estate BarCamp 2010 © by Nick Bastian Tempe, AZ

Agents also meet other buyers when they conduct open houses so that they always have a pool of buyers who are ready and able to purchase homes in the area when a new listing comes up. An agent who is on top of the market in their area is always one of the first agents to show a home when it hits the market. The best agents network with other agents in their company and with other brokerage firms to share information and help sell each other’s properties. Being able to match buyer’s needs with the inventory in the neighborhood and being able to price homes to sell is what sets good agents apart from the rest.

Choosing a Good Real Estate Agent

One of the best ways of selecting an agent is through a referral from a friend or family member. Or if you have had a positive experience with an agent in the past, you may want to contact use them again. Data taken from the NAR shows that 39% of sellers rely on a referral to choose their agents, while 22% of buyers used a Realtor that they had a used before. Out of sellers, 16% interviewed at least two agents and 18% spoke with three or more agents before making their decisions.

Other places to find a real estate agent include the local newspaper, Sunday open houses, driving around the neighborhood looking for signs, walking into the local real estate office, searching the Internet and using employer relocation company services.

Qualities of a Good Agent

  • Knowledge of the local market and market trends.
  • Years in business.
  • Does their own showings or uses an assistant.
  • Uses the latest technology.
  • Holds professional designations and specialties. What this means is the agent has taken extra education and training.
  • Do they do all their own showings or use assistants?
  • What type of technology do they use?
  • What professional designations or specialties do they hold? This means they have taken additional training.
  • Are they members of the National Association of Realtors? NAR members are held to a higher standard and a code of ethics.

When you have a good real estate agent, they are always putting their client’s needs before their own. A good negotiator is crucial and someone who is outgoing, social, has a great reputation and works for a reputable brokerage company with name recognition are other characterticis to look for when choosing an agent. Also being able to overcome obstacles that may arise and a good problem solver is a must.

Having the right agent representing you can make a huge difference in your real estate transaction experience. A good real estate agent will help save you money and time and make sure your real estate experience is a positive one. Above all, it is important to choose someone that you like and trust because you will probably be working together for at least a few months. If you feel confident that you can rely on your agent’s advice and that the agent is providing you with current information about market conditions, new listings, comparable homes that have sold and real estate trends in your area, then you know you have chosen the right person for your real estate needs.

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Why Rising Real Estate Prices Are Not On Everyone’s Wish list

August 1, 2012

Why rising real estate prices are not on everyone’s wish list I read a lot of real estate related material – articles, blogs, research and reports – and all seem to have this underlying assumption that I have a hard time with. Most cheer when prices of real estate go up and seem to want […]

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Why Work With Partners In Real Estate Investment

August 1, 2012

This is number eight in our ongoing series on creating your own real estate investment business plan. Teaming up with partners helps to reduce your initial investment and your ongoing maintenance because you and your partner can split the down payment and closing costs as well as the other carrying costs. You and your partner […]

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The Best Ways To Increase House Value

July 30, 2012

Maintaining your house and increasing its value benefits you and your neighbours. No one wants to live in a neighbourhood where the homes are run down and the yards are overgrown. Keeping your house in good condition inside and outside also adds value to your neighbor’s home and vice-a-versa. Statistics show that homes that are […]

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Should You Buy Real Estate With Cash Or Seek Finance?

July 27, 2012

This is number seven in our series on formulating a real estate investment business plan. Deciding on how you are going to pay for your property is absolutely crucial. You will need to decide whether you will be using your own money or other people’s money to investment in your mobile home community. Keep in […]

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How Accurate Is A Property Appraisal?

July 25, 2012

Since home appraisals are estimates of a home’s worth based upon current market conditions, just how accurate is an appraisal? Appraisals are written reports that are prepared by certified and trained individuals who must complete certain education and job training. Appraisers must adhere to the Home Valuation Code of Conduct or HVCC (the “Code”) for […]

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Appreciation And Cashflow: The Foundation of Real Estate Investing

July 23, 2012

This is number six in our series on building a real estate investment business plan. Appreciation is the increase in the value of your property over time from when you purchase the property until you sell it. Economic factors control whether a property goes up or down. Unfortunately, real estate investors have no control over […]

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How Buying A Distressed Property Actually Works

July 21, 2012

This is number five in our ongoing series on creating your own real estate investment business plan. Today we’ll run through how buying a distressed property actually works in a nutshell. So here is what you can expect when you find a distressed property and you want to make an offer. To purchase a foreclosure […]

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The No Nonsense Guide To Investing In Short Sales

July 19, 2012

This is article four in our ongoing series on formulating a real estate investment business plan Short sales or pre-foreclosures are also considered distressed properties because the borrowers are about to default on their mortgages and the homes may be heading to foreclosure, or the owners may have already received a foreclosure notice from their […]

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